A payment gateway is an essential component in any payment system, they are responsible for receiving and processing a customer’s payment details. If you’re hearing this term for the first time, we’re here to help you understand the meaning of a payment gateway, and other questions you may have.
Payment Gateway Meaning & Definition
A payment gateway technology is present at the digital payment terminal that is responsible for accepting and transmitting a customer’s payment details, for a payment transaction to be completed. A payment gateway communicates with the payment processing system to confirm if the transaction was successful before notifying the paying customer of the status of their transaction. Payment gateways are used both by e-commerce businesses and physical stores which accept online payment methods.
What is the work of a Payment Gateway?
The job of a payment gateway is to read and confirm the validity of card details, and securely transfer the information to a payment processor to complete the transaction. The work of an initiates a payment. As the customer enters their card or payment details, the payment gateway encrypts the information to protect the customer and then sends it to the payment processor responsible for receiving authorisation for the transaction and transferring the funds from the customer’s bank to the merchant’s account.
Once the payment has been authorised, the payment gateway displays a transaction success message to the customer, however, if the payment is declined, the customer will see a failed transaction alert.
Tingg – The Best Payment Gateway for Businesses in Nigeria & Kenya
Tingg is one of the best payment gateways available in Nigeria and Kenya/ Tingg has 1000+ merchant users across Africa and offers a variety of payment solutions to online and brick-and-mortar businesses. As one of the best payment gateway, the Tingg platform is easy to integrate into any payment system and can process payments in multiple currencies and various payment methods, including card payment, mobile money, bank transfer, QR code, direct bank debit, and USSD. Tingg also makes transaction reporting easier as it provides a single-view dashboard that allows you to reconcile payments from all your payment methods so that you keep track of cash flow into your business.
Learn more about why Tingg is the best payment gateway for you! Visit tingg.africa/why-tingg/ today!
